JACQ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 11 filings
Equity
-€15,493
2024 · €7,841
Total assets
€32,908▼ 16.9%
2024 · €39,592
Net result
-€23,335
2024 · €349
Working capital
-€17,784▲ 5.5%
2023 · -€18,818
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€21,828
2025
20182025
Net result
-€23,335
2025
lowest quarter of the sector
20182025
Equity
-€15,493
2025
lowest quarter of the sector
20182025
Total assets
€32,908
▼ 16.9%
2025
lowest quarter of the sector
20182025
Debt
€48,401
▲ 52.4%
2025
20182025
Working capital
no figure
2025
20182025
Solvency
-47.1%
▼ 66.9pp
2025
lowest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
-70.9%
▼ 71.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€20,617-€46,713€27,839▼ 40.4%€25,381▼ 8.8%€36,418▲ 43.5%-€20,695€3,324-€21,828
Net result-€29,269-€35,375€20,835within the sector's middle half▼ 41.1%€16,134within the sector's middle half▼ 22.6%€22,297within the sector's middle half▲ 38.2%-€23,045below the sector's middle half€349within the sector's middle half-€23,335below the sector's middle half
Equity-€54,105--€18,730▲ 65.4%-€7,895below the sector's middle half▲ 57.8%€8,239below the sector's middle half€30,537within the sector's middle half▲ 271%€7,492below the sector's middle half▼ 75.5%€7,841below the sector's middle half▲ 4.7%-€15,493below the sector's middle half
Total assets€53,751-€60,183▲ 12.0%€45,407below the sector's middle half▼ 24.6%€52,056below the sector's middle half▲ 14.6%€104,988within the sector's middle half▲ 102%€72,325within the sector's middle half▼ 31.1%€39,592below the sector's middle half▼ 45.3%€32,908below the sector's middle half▼ 16.9%
Debt€107,856-€78,913▼ 26.8%€53,302▼ 32.5%€43,817▼ 17.8%€74,452▲ 69.9%€64,833▼ 12.9%€31,751▼ 51.0%€48,401▲ 52.4%
Working capital-€53,083--€18,018▲ 66.1%-€20,914below the sector's middle half▼ 16.1%-€1,809below the sector's middle half▲ 91.3%€9,440within the sector's middle half-€18,818below the sector's middle half-€17,784below the sector's middle half▲ 5.5%
Solvency-100.7%--31.1%▲ 69.5pp-17.4%below the sector's middle half▲ 13.7pp15.8%below the sector's middle half▲ 33.2pp29.1%within the sector's middle half▲ 13.3pp10.4%below the sector's middle half▼ 18.7pp19.8%below the sector's middle half▲ 9.4pp-47.1%below the sector's middle half▼ 66.9pp
Current ratio0.33-0.68▲ 0.350.53below the sector's middle half▼ 0.150.96below the sector's middle half▲ 0.421.23within the sector's middle half▲ 0.280.54below the sector's middle half▼ 0.690.04below the sector's middle half▼ 0.50
Return on assets (ROA)-54.5%-58.8%▲ 113.2pp45.9%above the sector's middle half▼ 12.9pp31.0%above the sector's middle half▼ 14.9pp21.2%within the sector's middle half▼ 9.8pp-31.9%below the sector's middle half▼ 53.1pp0.9%within the sector's middle half▲ 32.7pp-70.9%below the sector's middle half▼ 71.8pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €21,828, after a profit of €3,324 in 2024. It is the lowest result since 2018.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
EBITDA
-€15,959▼
2024 · €10,402
Cash flow
-€17,466▼
2024 · €7,427
Interest coverage
-10.69▼
2024 · 5.48
Debt ≤ 1 year
€44,882▲
2024 · €18,600
Debt > 1 year
€3,220▼
2024 · €13,151
Income taxes
€14▼
2024 · €1,322
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,897 | €51,757 | €4,619 | - | - |
| Depreciation and write-downs of the year | €15,205 | €6,544 | €9,665 | €7,078 | €5,868 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,660 | €10,913 | €13,790 | €15,205 | €6,544 | €9,665 | €7,078 | €5,868 | ▼ 17.1% |
| Other operating charges640/8 | - | - | - | €728 | €1,062 | €8,046 | €2,357 | €1,037 | ▼ 56.0% |
| Gross operating margin9900 | €3,336 | €58,353 | €42,332 | €41,314 | €44,023 | -€2,983 | €12,759 | -€14,922 | - |
| Operating profit (loss)9901 | -€20,617 | €46,713 | €27,839 | €25,381 | €36,418 | -€20,695 | €3,324 | -€21,828 | - |
| Financial income75/76B | - | - | - | €999 | €626 | €271 | €245 | - | - |
| Recurring financial income75 | €1,770 | €548 | €421 | €999 | €626 | €271 | €245 | - | - |
| Financial charges65/66B | - | - | - | €2,463 | €2,386 | €2,622 | €1,898 | €1,493 | ▼ 21.3% |
| Recurring financial charges65 | €10,391 | €7,881 | €3,255 | €2,463 | €2,386 | €2,622 | €1,898 | €1,493 | ▼ 21.3% |
| Profit (loss) for the period before taxes9903 | -€29,237 | €39,379 | €25,004 | €23,916 | €34,658 | -€23,045 | €1,672 | -€23,320 | - |
| Income taxes67/77 | €32 | €4,004 | €4,169 | €7,782 | €12,360 | - | €1,322 | €14 | ▼ 98.9% |
| Profit (loss) for the period9904 | -€29,269 | €35,375 | €20,835 | €16,134 | €22,297 | -€23,045 | €349 | -€23,335 | - |
| Profit (loss) for the period to be appropriated9905 | -€29,269 | €35,375 | €20,835 | €16,134 | €22,297 | -€23,045 | €349 | -€23,335 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €53,751 | €60,183 | €45,407 | €52,056 | €104,988 | €72,325 | €39,592 | €32,908 | ▼ 16.9% |
| Fixed assets21/28 | €27,600 | €21,827 | €21,357 | €10,049 | €55,262 | €50,216 | €38,776 | €32,908 | ▼ 15.1% |
| Tangible fixed assets22/27 | €27,600 | €21,827 | €21,357 | €10,049 | €55,262 | €50,216 | €38,776 | €32,908 | ▼ 15.1% |
| Furniture and vehicles24 | - | - | - | €10,049 | €55,262 | €50,216 | €38,776 | €32,908 | ▼ 15.1% |
| Current assets29/58 | €26,151 | €38,356 | €24,050 | €42,007 | €49,726 | €22,108 | €816 | - | - |
| Amounts receivable within one year40/41 | €26,151 | €38,192 | €10,504 | €38,584 | €15,258 | €2,265 | €331 | - | - |
| Trade receivables40 | - | - | - | €20,585 | €12,633 | €2,265 | €331 | - | - |
| Other amounts receivable41 | - | - | - | €17,999 | €2,625 | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | €11,042 | €95 | €32,819 | €18,683 | €261 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €3,328 | €1,650 | €1,160 | €224 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €53,751 | €60,183 | €45,407 | €52,056 | €104,988 | €72,325 | €39,592 | €32,908 | ▼ 16.9% |
| Equity10/15 | -€54,105 | -€18,730 | -€7,895 | €8,239 | €30,537 | €7,492 | €7,841 | -€15,493 | - |
| Contributions10/11 | €18,600 | €18,600 | - | €19,400 | €19,400 | €19,400 | €19,400 | €19,400 | = |
| Reserves13 | €800 | €800 | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | -€73,505 | -€38,130 | -€27,295 | -€11,161 | €11,137 | -€11,908 | -€11,559 | -€34,893 | ▼ 202% |
| Amounts payable17/49 | €107,856 | €78,913 | €53,302 | €43,817 | €74,452 | €64,833 | €31,751 | €48,401 | ▲ 52.4% |
| Amounts payable after more than one year17 | €28,622 | €22,539 | €8,338 | - | €34,166 | €23,907 | €13,151 | €3,220 | ▼ 75.5% |
| Financial debts170/4 | - | - | - | - | €34,166 | €23,907 | €13,151 | €3,220 | ▼ 75.5% |
| Amounts payable within one year42/48 | €79,233 | €56,374 | €44,964 | €43,817 | €40,286 | €40,926 | €18,600 | €44,882 | ▲ 141% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,338 | €10,022 | €10,507 | €11,016 | €9,931 | ▼ 9.8% |
| Financial debts43 | - | - | - | €10,249 | - | - | - | €8,628 | - |
| Credit institutions430/8 | - | - | - | €10,249 | - | - | - | €8,628 | - |
| Trade debts44 | €2,922 | €3,058 | €7,445 | €4,463 | €5,332 | €14,478 | €3,016 | €9,623 | ▲ 219% |
| Suppliers440/4 | - | - | - | €4,463 | €5,332 | €14,478 | €3,016 | €9,623 | ▲ 219% |
| Taxes, remuneration and social security45 | - | - | - | €20,768 | €24,312 | €15,746 | €849 | €3,061 | ▲ 260% |
| Taxes450/3 | - | - | - | €20,768 | €24,312 | €15,746 | €849 | €3,061 | ▲ 260% |
| Other amounts payable47/48 | - | - | - | - | €619 | €194 | €3,718 | €13,638 | ▲ 267% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €300 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,269 | €35,375 | €20,835 | €16,134 | €22,297 | -€23,045 | €349 | -€23,335 | - |
| + Depreciation and write-downs630 | €10,660 | €10,913 | €13,790 | €15,205 | €6,544 | €9,665 | €7,078 | €5,868 | ▼ 17.1% |
| Operating cash flow (approximation) | -€18,609 | €46,289 | €34,625 | €31,339 | €28,841 | -€13,380 | €7,427 | -€17,466 | - |
| Investment in fixed assets (approximation) | - | -€5,140 | -€13,321 | -€3,897 | -€51,757 | -€4,619 | €4,362 | €0 | ▼ 100% |
| Change in cash | - | - | - | -€10,946 | €32,723 | -€14,135 | -€18,423 | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,907 companies had the same profile as JACQ has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JACQ itself: 1.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for JACQ. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00367594 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00224591 | |
| 31-12-2023 | micro format | 25-05-2024 | 2024-00097119 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00119792 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20308453 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-37200460 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-32900053 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-19200494 | |
| 31-12-2017 | micro format | 05-06-2018 | 2018-16300007 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-22800482 |